Legal Question in Real Estate Law in Florida
I own a condo JTWROS with my son. He is getting a divorce. How will this affect the condo? He and wife and child live in the condo. I am a co borrower with son.
1 Answer from Attorneys
If you and your son own this, his wife will have to prove that it is somehow "marital property". While Joint Tenants with full rights of survivorship provides that when one party dies, the other automatically owns 100% of the interest, free of all other party's interest. BUT, generally, anything purchased during the marriage is considered marital property, and the title company should have had his wife sign that she agreed to encumber the property with the mortgage, and sign away her "dower" interest (by quit claim), regardless of whether or not she was obligated on the mortgage. This is a problem whenever a married person buys a property, that his spouse MAY have a future (dower) interest in the property. This issue will be hashed out in the divorce. There isn't anything that you can do now, at this point to somehow "defuse" this situation, or take title away from the son or daughter in law....any action taken at this time will appear to be for the purpose of defrauding her of any interest. A real estate attorney can apply the law to the facts of your case, if you take all your documents, and the proposed divorce settlement agreement for review.